In his address, Justice Mukhopadhaya said as corporate houses earn their profits from the society, they have certain social responsibilities towards their stakeholders, workforce, their families and society at large.

“The corporate houses must discharge their responsibilities for the downtrodden sections of the society for which the Centre has amended the Companies Act to ensure their responsibility,” he pointed out.

As per the act, companies which do business in access of Rs 1000 crore per annum and make profit of Rs 5 crore per annum must spend 2% of their average net profit on corporate social responsibility, he added.

Even though KIIT is not a corporate house, its authorities are providing free education, boarding, healthcare and food to 22,500 tribal children as its responsibility towards society, he noted with appreciation.

Addressing the seminar Justice Ghose said CSR clause was incorporated in Companies Act in 2013 as it was felt that their role was necessary in development of society.

“Meaning of CSR is fluid”, he said, explaining that it may include philanthropic activities, eradication of malnutrition, setting of old age home, orphanage, giving free health care to poor people, skill development programmes for rural poor, environmental sustainability, women empowerment and gender equity, rural development, disaster management, etc.

Earlier, introducing the topic, Justice Chattopadhyay said CSR is a comparatively new idea in existing socio-economic milieu. Ploughing part of the corporate profit for social development brings harmony in the society. The Law students, particularly, should be very well aware of the concept of corporate social responsibility, he suggested.

Dr Samanta thanked the guests and participants for visiting KIIT to deliberate upon this important subject. Social responsibility is one of the core philosophies of KIIT, rather than a fringe activity, he said.

Among others, SC Das,Prof PP Mathur, VC, KIIT, Prof NK Chakraborty, Director, KIIT School of Law and other legal luminaries also spoke.